Because it protected the credit line.
Hope this helps.
Of course, they didn't have a clue, just hoping to irritate, scare and just generally be asinine.
on Friday. Seems bashers missed that bit of information.
I purchased more today at close.
* CEO Jim Volker says plans to operate within cash flow in 2016
* CEO says expects to maintain $3.5 billion borrowing base even after October loan redetermination process
* CEO on $3.5 billion borrowing base capacity: 'We don't intend to use it'
* CEO says Redtail Niobrara shale assets have production potential of 100,000 barrels of oil equivalent/day
* CEO says believes company 'leading the charge' in oil industry on capital budget cuts
* CEO says prefers to pay down debt instead of buying back stock
Actually do that every 6 months and at most means revolver may be reduced by several hundred million.
Again, WLL can ditch all new production expenditure if necessary and come close to breakeven at $40 per.
Mid-stream assets they can sell and new production plans they can pare even before drawing on revolver.
Please learn a bit.